Buying Process with a mortgage note
What Is a Mortgage Note?
Mortgage note also known as promissory note is a legal document that binds you to repay your mortgage within an agreed period. The mortgage note contains key details about your loan, your interest rate, monthly installments and fees for late payments. Before signing, check your mortgage note if it is correct. It’s legally binding.
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Find a note to buy
Both performing and non-performing notes are actively available for sale on the secondary mortgage market. The main way to find a note to buy is to call banks, make sure you skip customer service if possible. Another way to look up where to buy notes is online, here are the most popular sites: Notes Direct and Paperstac.
